Fishing Guides Co. pays its employees each week. Employees€™ gross pay is subject to these taxes.

The company is preparing its payroll calculations for the week ended September 30. Payroll records show the following information for the company€™s four employees.

In addition to gross pay, the company must pay one-half of the $20 per employee weekly health insurance; each employee pays the remaining one-half. The company also contributes an extra 8% of each employee€™s gross pay (at no cost to employees) to a pension fund.
Required
Compute the following for the week ended September 30 (round amounts to the nearest cent):
1. Each employee€™s FICA withholdings for Social Security.
2. Each employee€™s FICA withholdings for Medicare.
3. Employer€™s FICA taxes for Social Security.
4. Employer€™s FICA taxes for Medicare.
5. Employer€™s FUTA taxes.
6. Employer€™s SUTA taxes.
7. Each employee€™s net (take-home) pay.
8. Employer€™s total payroll-related expense for each employee.

Transcribed Image Text:

Rate 6.20% 0.80 Tax FICA Social Security FICA Medicare FUTA.. . SUTA Applied To First $106,800 First $7,000 14S All gross pay 1.75 First $7,000 Gross Pay through 9/23 Current Week Name Ahmed Carlos Jun Marie Gross Pay $4,900 1,280 920 Income Tax Wihthholding $104,300 36,650 6,380 1,021 $613 140 110 37 400